|The contract extension is for $40.5 million, giving him five total years for $58.25 million, with $20.5 million fully guaranteed, including an $8 million signing bonus and all of Sanchez's 2012 and 2013 base salaries|
Sanchez base salary in 2013 is $8.25mil, plus, cutting him would make all that guaranteed money move to that year's cap, so whatever previous money they deferred would count in there too. I assumed that probably $6mil of that $8mil signing bonus would move up, and there is probably an equally high amount from his past contract. So, cutting him would cost them probably $15-20mil in cap space easy, plus they'd still be paying him $8mil to go play for another team. That means between Holmes and Sanchez, they'd be taking up 1/5th of their cap space, and only have 1 worthless WR on the roster to show for it.
No, Sanchez is on that team for 2013 pretty much no matter what, unless there is some loophole I haven't seen. After 2013 its all non-guaranteed money and they can cut him easily. It's especially stupid because without that extension, Sanchez would have one year left on his deal at a reasonable rate with no guaranteed money ahead. So if things fell apart, they could have cut him easily, and if he played well, then they could have offered that extension. Now they are stuck paying $20mil in guarantees this year and next for the 30th rated QB passing for the 26th most yards
edit: Yep, found the cap numbers, he'd count $17.1 mil against the cap as dead money if cut: http://nyjetscap.com/marksanchez.html